Real Estate
Creating places and spaces for people to live, work and play since 1981
PAZ primarily focuses on health care, residential and land use developments that add value for its community. Since 1981, PAZ has developed, owned and managed more than 400,000 square feet of commercial, residential and office space.
PAZ specializes in:
- Community Development: Working collaboratively with local municipalities to identify and fill needs of the local community.
- Historic renovation projects: Converting historic structures that are listed or eligible for listing on the National Historic Registry, or which require sensitive curation to honor a property and community’s past.
- Reinvigorating distressed properties: Transforming and reinvigorating neglected buildings or properties in disrepair.
- Special situations: Diving into complex situations that require a unique perspective or approach, which may include PAZ’s expertise, time, attention, vision and resources to achieve completion.
- Value-added care: Creating programs or projects that add value through health care services.
With every project, PAZ aims to meet a need of the local community. PAZ has proudly served a wide range of income levels, reflective of our current nation, from low income to market rate.
Project examples include:
- Health Care and Land Use: PAZ acquired a lightly used hotel property in the Town of Wappingers Falls, NY and converted it into one of the first assisted living communities in the area to serve the geriatric community and accept both privately funded clients and Medicaid funding.
- Commercial and Land Use: PAZ converted a highly visible, yet shuttered hotel property in the Town of Poughkeepsie and completed the land use development to obtain approvals for a 144-key hotel. The property currently serves as a successful and well-maintained Hampton Inn & Suites.
- Residential and Land Use: PAZ acquired the 92,000 square foot (appx.) former Marshall Rae factory in North Central Troy, which had been boarded up for over 14 years, and was mired in a legal dispute between the City of Troy, the Troy Industrial Development Authority (IDA) and the previous owner. PAZ provided a solution that served all parties and aided in the resolution of the legal dispute. After acquiring the property, PAZ coordinated with the National Parks Service to ensure that the property was redeveloped in a manner that honored the building’s 100+ year history, and partnered with Redburn Development, a local firm that shares common values with PAZ. The property, which will include 77 loft apartments, 16,000 square feet of commercial space and 180 parking spaces will serve as a highly visible site for which the local community can be proud. The property is currently under construction.